The Oscar nominee is in talks for the lead role in the film which is currently being written by Anderson, according to Deadline.

Annapurna Pictures” Megan Ellison will finance and produce “Vice,” replicating her role on “The Master.”

“Vice” centers on a Dude-like stoner/private eye named Larry “Doc” Sportello who stumbles his way through the investigation of a kidnapping against the colorful backdrop of L.A.’s late ’60s flower power era. Phoenix would play Sportello.

Despite critical acclaim, Pynchon has adamantly refused Hollywood adaptations of his work in the past and “Inherent Vice” will be the first authorized big screen version of one of his novels.

Phoenix was recently nominated for an Oscar for “The Master,” along with his co-stars Amy Adams and Philip Seymour Hoffman. He’ll next be seen in Spike Jonze’s “Her,” also from Annapurna Pictures.